From the AP:

Wal-Mart Stores Inc. said Tuesday it expects slower sales growth over the next three years and it also plans to spend less on new stores and to lower other costs.

Chief Financial Officer Tom Schoewe told investors and analysts at a conference that sales growth will slow this fiscal year to 9 percent from nearly 12 percent the year before and then be between 5 and 8 percent the next two years. Wal-Mart's fiscal year runs through January.

Schoewe said Wal-Mart is focused on using the tremendous cash flow generated by its U.S. and international stores more efficiently, including building fewer giant Supercenter stores and managing corporate costs better.

Wal-Mart's annual square footage growth will decline from 8.8 percent last year to around 6 percent this year and between 5 and 6 percent in the next two years, Schoewe said.

In terms of Supercenters, the flagship of Wal-Mart's U.S. business, Schoewe said the retailer will build around 190 to 200 this year and about 170 a year in the future, compared to a historical standard of around 280 a year.